Owning a home has always been part of the American Dream. For many it still is! There are many benefits for owning a home -some are financial and some are emotional. It represents stability, shelter, wealth and pride. When you buy your first home, it feels awesome to be able to say you are a homeowner!
Some of the benefits are financial – here are a few of them:
-Appreciation – your home has been going up in value, it doesn’t always happen but in the long term, you will gain equity in your home.
-Forced savings – with each payment you make, you are lowering the amount you owe and gaining equity in your home. If you rent, you are making your landlord richer by helping make his house payment.
-Net worth – for most homeowners, their net worth is higher than someone that rents.
-Tax benefits – talk to your CPA about expenses you can write off, you may be able to save money on your tax bill by owning a home.
There are other benefits that you don’t always think about:
-Civic participation – when you own your home, you tend to take better care of it. You may also be more concerned about your community and neighborhood.
-Public assistance – many homeowners use their equity in their homes to pay down debt and avoid using public assistance.
-Pride of ownership – your home is yours – you can decorate it how you want, you can plant a garden, you can paint walls, you can make your home yours. When you rent, you need to get permission to paint, etc.
The American Dream of home ownership is alive and well – there is something about buying your first home and knowing it’s yours! It’s exciting to know you hold the keys! If you are thinking about buying, let us know – we would love to help you with your dream of home ownership!
